Legal & General has purchased a student accommodation residence which has been fully let to Christ Church College, part of the University of Oxford, for approximately £37.1 mln (€41 mln).
The deal was made on behalf of Legal & General Retirement.
The property, situated on St Aldate’s & Queen Street, is a modern student hall of residence, providing 133 en-suite rooms with shared kitchen facilities and 110 cycle spaces.
'This is an excellent acquisition for our annuity portfolio, matching our continued appetite for long term income streams which can offer a hedge against inflation,' said Tom Roberts, head of strategic investment at LGIM Real Assets.
'The modern accommodation, which has been fully let to a world class, investment grade institution, and its central location will remain an attractive prospect for Oxford’s student population, whilst providing top quality facilities to help promote a quality education.'
'This transaction is an excellent opportunity to add to our investments in high-quality, long-term UK assets, matching our commitments to securing the pensions of our members and connecting pensions to the UK economy,' concluded Eleanor Bucks, managing director, direct investments and real assets, Legal & General Retirement.
Legal & General were advised by Jones Lang LaSalle.
